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Title: Coinbase Statement Post by: vpitcher07 on February 25, 2014, 03:05:57 AM http://blog.coinbase.com/post/77766809700/joint-statement-regarding-the-insolvency-of-mtgox
Title: Re: Coinbase Statement Post by: notig on February 25, 2014, 03:07:07 AM so why are they doing this before mt gox announces something?
Title: Re: Coinbase Statement Post by: vpitcher07 on February 25, 2014, 03:09:08 AM I'd say it's pretty obvious what's happening at Gox.... This is to keep people from freaking out.
Title: Re: Coinbase Statement Post by: btbrae on February 25, 2014, 03:09:26 AM Quote The following industry leaders stand by this statement: Fred Ehrsam — Co-founder of Coinbase Jesse Powell — CEO of Kraken Nejc Kodrič — CEO of Bitstamp.net Bobby Lee — CEO of BTC China Nicolas Cary — CEO of Blockchain.info Jeremy Allaire — CEO of Circle It is now obvious what has happened for me. Oh well. Title: Re: Coinbase Statement Post by: pungopete468 on February 25, 2014, 03:09:33 AM Amazing.
This is the type of message that all of the exchanges need to post up immediately... Title: Re: Coinbase Statement Post by: repentance on February 25, 2014, 03:11:56 AM Given that some of those are people you would have expected to be involved in putting together a rescue package if one was going to be forthcoming, Gox has pretty much been thrown to the wolves (and deservedly so).
Title: Re: Coinbase Statement Post by: vpitcher07 on February 25, 2014, 03:15:38 AM Given that some of those are people you would have expected to be involved in putting together a rescue package if one was going to be forthcoming, Gox has pretty much been thrown to the wolves (and deservedly so). Pretty much called Gox a joke to the public. While I know i'm going to wake up tomorrow to some sub $400 BTC, in the long run this was the right choice. Title: Re: Coinbase Statement Post by: relb on February 25, 2014, 03:17:57 AM they removed bold here: "The purpose of this document is to summarize a joint statement to the Bitcoin community regarding the insolvency of Mt.Gox."
and on the last paragraph they removed bold sentence: Bitcoin operators, whether they be exchanges, wallet services or payment providers, play a critical custodial role over the bitcoin they hold as assets for their customers. Acting as a custodian should require a high-bar, including appropriate security safeguards that are independently audited and tested on a regular basis, adequate balance sheets and reserves as commercial entities, transparent and accountable customer disclosures, and clear policies to not use customer assets for proprietary trading or for margin loans in leveraged trading. It does not appear to any of us that MtGox followed any these essential requirements as a financial services provider. pretty bold statement lol *edit - and now the gox site is blank in case you haven't seen it yet Title: Re: Coinbase Statement Post by: vpitcher07 on February 25, 2014, 03:27:52 AM they removed bold here: "The purpose of this document is to summarize a joint statement to the Bitcoin community regarding the insolvency of Mt.Gox." and on the last paragraph they removed bold sentence: Bitcoin operators, whether they be exchanges, wallet services or payment providers, play a critical custodial role over the bitcoin they hold as assets for their customers. Acting as a custodian should require a high-bar, including appropriate security safeguards that are independently audited and tested on a regular basis, adequate balance sheets and reserves as commercial entities, transparent and accountable customer disclosures, and clear policies to not use customer assets for proprietary trading or for margin loans in leveraged trading. It does not appear to any of us that MtGox followed any these essential requirements as a financial services provider. pretty bold statement lol *edit - and now the gox site is blank in case you haven't seen it yet Oh this is getting juicy.....Gox to release a statement soon I'd imagine.. Title: Re: Coinbase Statement Post by: hellscabane on February 25, 2014, 03:34:47 AM Wow, this is a very strong sentiment to hold and frankly it's what the Bitcoin community needs. Mt. Gox is so 2011, there have been many better, brighter, and more honest companies that have come into existence since that time. Before, Mt. Gox kinda defined BTC, now it's anything but that and it's good to start shedding that past.
Title: Re: Coinbase Statement Post by: vpitcher07 on February 25, 2014, 03:35:56 AM they removed bold here: "The purpose of this document is to summarize a joint statement to the Bitcoin community regarding the insolvency of Mt.Gox." and on the last paragraph they removed bold sentence: Bitcoin operators, whether they be exchanges, wallet services or payment providers, play a critical custodial role over the bitcoin they hold as assets for their customers. Acting as a custodian should require a high-bar, including appropriate security safeguards that are independently audited and tested on a regular basis, adequate balance sheets and reserves as commercial entities, transparent and accountable customer disclosures, and clear policies to not use customer assets for proprietary trading or for margin loans in leveraged trading. It does not appear to any of us that MtGox followed any these essential requirements as a financial services provider. pretty bold statement lol *edit - and now the gox site is blank in case you haven't seen it yet Oh this is getting juicy.....Gox to release a statement soon I'd imagine.. or just leave a blank website up and run away.... Title: Re: Coinbase Statement Post by: ChuckBuck on February 25, 2014, 03:38:01 AM Great job sticking together for the major heads of the cryptocurrency industry.
We all just have to weather this FUD shitstorm, rebound, and move on from Gox's shadow. Gox may have been first, but it's proven without a doubt to be the worst online exchange. Title: Re: Coinbase Statement Post by: hellscabane on February 25, 2014, 03:41:16 AM they removed bold here: "The purpose of this document is to summarize a joint statement to the Bitcoin community regarding the insolvency of Mt.Gox." and on the last paragraph they removed bold sentence: Bitcoin operators, whether they be exchanges, wallet services or payment providers, play a critical custodial role over the bitcoin they hold as assets for their customers. Acting as a custodian should require a high-bar, including appropriate security safeguards that are independently audited and tested on a regular basis, adequate balance sheets and reserves as commercial entities, transparent and accountable customer disclosures, and clear policies to not use customer assets for proprietary trading or for margin loans in leveraged trading. It does not appear to any of us that MtGox followed any these essential requirements as a financial services provider. pretty bold statement lol *edit - and now the gox site is blank in case you haven't seen it yet Oh this is getting juicy.....Gox to release a statement soon I'd imagine.. or just leave a blank website up and run away.... +1 Gox has only been full of empty promises. Kinda like some people in my life. And frankly I don't need any of them. And as a community we don't need Gox. Title: Re: Coinbase Statement Post by: andyatcrux on February 25, 2014, 03:51:44 AM +1, fuck Gox.
Title: Re: Coinbase Statement Post by: keithers on February 25, 2014, 03:55:51 AM Wow, all the heavy hitters coming out at once. "John doe" of BTC-E did not join in...
Title: Re: Coinbase Statement Post by: dab on February 25, 2014, 03:56:58 AM Oh man. I lost .6 btc in there :( On one point it's like "only .6 btc." On the other point it's like "That was all my btc left :(".
Oh well. Time to try mining with my gpu again till I can afford to invest in some kind of miner. :x Title: Re: Coinbase Statement Post by: keithers on February 25, 2014, 04:34:23 AM I wonder if Gox will even make a statement at this point? They deleted all Twitter posts, and with the website supposedly being down, what channel will they use to make an announcement, Myspace?
Title: Re: Coinbase Statement Post by: dab on February 25, 2014, 04:38:58 AM I wonder if Gox will even make a statement at this point? They deleted all Twitter posts, and with the website supposedly being down, what channel will they use to make an announcement, Myspace? My bet is they'll relaunch on GeoCities. ;) Title: Re: Coinbase Statement Post by: quone17 on February 25, 2014, 04:44:25 AM What if fix doesn't say anything now? You just assume they're never coming back? Time to hire the lawyers!!
Title: Re: Coinbase Statement Post by: bananas on February 25, 2014, 05:31:03 AM That's a nice statement from relevant people, i feel safer in the BTC world after reading that.
Title: Re: Coinbase Statement Post by: bananas on February 25, 2014, 05:33:28 AM " Mtgox has confirmed its issues in private discussions with other members of the bitcoin community"
R.I.P. Gox Title: Re: Coinbase Statement Post by: keithers on February 25, 2014, 05:44:06 AM All the other exchanges are going bananas right now! I wonder where the bottom is going to be this time? I am going to load up for sure...
Title: Re: Coinbase Statement Post by: repentance on February 25, 2014, 05:46:18 AM NY Times is now covering the story.
http://www.nytimes.com/2014/02/25/business/apparent-theft-at-mt-gox-shakes-bitcoin-world.html?_r=1 Quote On Monday night, a number of leading Bitcoin companies jointly announced that Mt. Gox, the largest exchange for most of Bitcoin’s existence, was planning to file for bankruptcy after months of technological problems and what appeared to have been a major theft. A document circulating widely in the Bitcoin world said the company had lost 744,000 Bitcoins in a theft that had gone unnoticed for years. That would be about 6 percent of the 12.4 million Bitcoins in circulation. Title: Re: Coinbase Statement Post by: 5thStreetResearch on February 25, 2014, 05:48:29 AM This event is going to prove to be a positive for Bitcoin in the long run, but things are gonna be ugly in the short term
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